M&T Bank (NYSE:MTB) Price Target Cut to $160.00 by Analysts at Royal Bank of Canada

M&T Bank (NYSE:MTB) had its target price cut by Royal Bank of Canada from $175.00 to $160.00 in a research report sent to investors on Monday morning, MarketBeat reports. They currently have an outperform rating on the financial services provider’s stock.

Several other research firms also recently issued reports on MTB. SpectralCast reiterated a maintains rating on shares of M&T Bank in a research note on Wednesday, June 14th. Barclays decreased their price target on M&T Bank from $153.00 to $150.00 in a research note on Tuesday, June 27th. Wedbush increased their target price on M&T Bank from $149.00 to $156.00 and gave the company an outperform rating in a research note on Thursday, July 20th. StockNews.com downgraded M&T Bank from a hold rating to a sell rating in a research note on Friday, August 25th. Finally, DA Davidson decreased their target price on M&T Bank from $138.00 to $132.00 in a research note on Wednesday, June 14th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank has an average rating of Hold and a consensus target price of $157.27.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $126.16 on Monday. The company has a market capitalization of $20.94 billion, a P/E ratio of 7.47, a price-to-earnings-growth ratio of 0.89 and a beta of 0.81. The business’s 50-day moving average price is $131.46 and its two-hundred day moving average price is $126.86. M&T Bank has a one year low of $109.36 and a one year high of $192.56. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.97 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 19th. The financial services provider reported $5.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.16 by $0.89. The company had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a return on equity of 13.26% and a net margin of 26.30%. During the same quarter in the prior year, the company posted $3.10 EPS. Analysts anticipate that M&T Bank will post 16.43 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 1st will be given a $1.30 dividend. The ex-dividend date is Thursday, August 31st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.12%. M&T Bank’s dividend payout ratio is currently 30.81%.

Insider Buying and Selling

In related news, EVP Doris P. Meister sold 1,334 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $140.43, for a total transaction of $187,333.62. Following the completion of the transaction, the executive vice president now owns 8,055 shares in the company, valued at approximately $1,131,163.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Doris P. Meister sold 1,334 shares of the firm’s stock in a transaction that occurred on Thursday, July 27th. The stock was sold at an average price of $140.43, for a total transaction of $187,333.62. Following the completion of the transaction, the executive vice president now owns 8,055 shares in the company, valued at approximately $1,131,163.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Barnes sold 53,542 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $140.00, for a total value of $7,495,880.00. Following the transaction, the director now owns 34,545 shares of the company’s stock, valued at approximately $4,836,300. The disclosure for this sale can be found here. Insiders sold 55,876 shares of company stock worth $7,819,234 in the last 90 days. 0.97% of the stock is owned by company insiders.

Hedge Funds Weigh In On M&T Bank

Several institutional investors have recently bought and sold shares of the business. ST Germain D J Co. Inc. bought a new position in M&T Bank in the 2nd quarter valued at $2,432,000. Stonebridge Capital Advisors LLC raised its position in M&T Bank by 1,980.0% in the 2nd quarter. Stonebridge Capital Advisors LLC now owns 208 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 198 shares during the last quarter. CTC Alternative Strategies Ltd. bought a new position in M&T Bank in the 2nd quarter valued at $340,000. Osaic Holdings Inc. raised its position in M&T Bank by 6.5% in the 2nd quarter. Osaic Holdings Inc. now owns 82,530 shares of the financial services provider’s stock valued at $10,231,000 after purchasing an additional 5,013 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its position in M&T Bank by 2.1% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 57,901 shares of the financial services provider’s stock valued at $7,166,000 after purchasing an additional 1,207 shares during the last quarter. Institutional investors own 82.86% of the company’s stock.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that offer retail and commercial banking products and services in the United States. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.